Strangely I disagree with the premise that Greenspan saw the problem and blew it. I believe that he saw the problem and correctly addressed it. He did what he could to pop the bubble, but his tools were limited to jawboning and high interest rates. In the end he was finally successful, and since successfully poppling it, he has been doing his best to achieve a soft landing. What more can you expect?
Would it have been better to have let the bubble run unchecked until today? That would have only made the pain that much worse. The Fed has limited powers, and under Greenspan the Fed in the late 90s used them primarily to restrain the markets. How ironic that Greenspan was vilified for trying to restrain the economy then, but now is vilified for exactly the opposite.
Carl
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